Vendep Capital Fund IV

About Vendep Capital Fund IV

Helsinki-based fourth fund backing ~20 early-stage B2B SaaS startups across Nordics and Baltics with growing focus on AI-native solutions.

Investment Focus

Location / RegionFinland

Funding StagePre Seed

Industry Focus

Ai Ml

Enterprise Software

Saas

Investor Signals Profile

active

Sweet Spot

AI-native B2B SaaS founder, Nordics/Baltics, early traction

AI-native B2B SaaS

Nordics & Baltics

pre-seed to seed

high follow-on conviction

operator-led support

Bullish Signals

80M€ current fund, 2025 vintageexternal

190M€ total AUMexternal

100% follow-on in next external roundexternal

78% portfolio A-rounds via their introsexternal

Portfolio co Complir accepted YC S26external

Agileday €6.4M Series A closedexternal

New investment: Test of Things (IoT/OT cybersecurity AI)external

2026 Portfolio Retreat held — active communityexternal

GPs review every pitch personallyexternal

Portfolio: Bookboost, Happeo, Syncle, PatentRenewal.comexternal

Contrarian Signals

Very small portfolio — limited slotsexternal

Geo-restricted: Nordics & Baltics onlyexternal

Ticket 0.1–3M€ — tight rangeexternal

Founder Do's

Build AI-native B2B software

Be based in Nordics or Baltics

Show early traction before pitching

Expect close, hands-on partnership

Leverage intro network for Series A

Founder Don'ts

Don't pitch without early traction

Don't expect passive capital only

Don't pitch non-B2B software plays

Key GPs & Partners

Timo Felin

Partner

operator-turned-investorrecently promotedhigh-conviction

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Fund Overview

Fund Size€80M

Saves0

Website

Key People

Vendep Capital

Timo FelinPartner